4031 W Gladys Avenue Chicago IL 60624 MLS #MRD12458578

4031 W Gladys Ave is a standout 18-unit brick courtyard building in Chicago’s West Garfield Park – a neighborhood seeing renewed investor interest and strong rental demand. This classic Chicago masonry solid brick building offers a winning mix of twelve 2BD/1BA and six 3BD/1BA units, all with hardwood floors and efficient layouts. Ownership has already tackled the major improvements: new roof (2023), new Weil-McLain boiler (2024), updated plumbing and electrical, newer porches, and modern hot water systems – giving the next owner a rock-solid foundation to focus on unlocking upside. The property is cash flowing today at a healthy ~10% cap rate with NOI around $117K, but the real story is the HUD restrictions expiring in January 2026. Once lifted, units can be leased at full market rents without income limitations, propelling gross income above $255K and NOI toward $159K – a 15% cap rate opportunity. With light remodels during turnovers and smart leasing, investors can quickly reposition this asset into a market-rate performer. Even better, there’s an expansion angle: the adjacent city-owned lot at 4039 W Gladys is available through the City of Chicago’s ChiBuilder program. This gives the buyer an option to expand the footprint of the property in the future, or simply use the lot as on-site parking until ready to develop. This unique add-on makes the deal even more flexible and attractive for long-term investors. The location is unbeatable for renters: minutes from the CTA Blue Line Pulaski Station, multiple bus routes, and the I-290 Eisenhower Expressway, with quick access downtown and to the western suburbs. Set on a quiet, tree-lined block, the property blends classic neighborhood charm with prime commuter convenience. 4031 W Gladys delivers strong cash flow today, explosive rent growth in 2026, and a built-in expansion play for the future – a rare combination in Chicago multifamily. Investors looking for both stability and upside won’t want to miss this opportunity.